The framework will also enable users to replace labour-intensive periodic reviews with event-based reviews. To roll out the tech testing environment, Capgemini collaborated with multiple technology partners to orchestrate the integration. The sandbox offers a secure test environment for firms to visualise how to transition to a pKYC process and demonstrate the positive effects to management and regulators.
Static KYC opens opportunities for fraudsters to exploit weaknesses for money laundering and scams, creating a continuous risk factor. Capgemini aims to tackle this challenge by encouraging the use of pKYC to protect firms from undue risk, enforcement actions, and fines.
Compliance with regulatory requirements is a key factor in the financial services industry, requiring the consolidation of data across internal systems and external sources. The new launch developed by Capgemini enables companies to test, refine, and scale software in a controlled environment, mitigating risks while ensuring a simple transition. It is designed to be modular so users can implement the sandbox across their respective cloud platform and technologies of choice.
Key benefits of the launch include a safe testing environment, integration of components from RegTech solutions and accelerators, and real-time visualisation of pKYC in action to showcase the framework to regulators. It also delivers fast end-to-end testing of the tech stack and processes, leading to better feasibility of the pKYC operating model and creation of the associated business case, and an easy way to identify operational blockages and optimise workflows.
pKYC offers a data-led, auditable approach to alert firms automatically about changes in a customer’s circumstances that could put them at risk. This helps financial institutions reassess their risk exposure to the customer to achieve a better state of real-time AML compliance.
Capgemini’s portfolio of offerings in financial crime, risk management, and regulatory compliance services, as well as its recent acquisition of Delta Capita BV, reflects its expertise in financial crime compliance (FCC) solutions and commitment to compliance with industry regulations.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now